Debt (Tables)

3 Months Ended

Mar. 31, 2021

Debt Disclosure [Abstract]

Schedule of long-term debt instruments

Debt, net of unamortized original issue discounts or premiums, and unamortized debt issuance costs, consists of the following:

	March 31, 2021		December 31, 2020
Accounts Receivable Securitization Facility expiring 2021 (1) (2)	$	524	$	634
$3.75 billion ABL Facility expiring 2024 (1) (3)	491		977
Term loan facility expiring 2025 (1)	969		971
5 7/8 percent Senior Notes due 2026	999		999
5 1/2 percent Senior Notes due 2027	994		994
3 7/8 percent Senior Secured Notes due 2027	742		742
4 7/8 percent Senior Notes due 2028 (4)	1,655		1,654
4 7/8 percent Senior Notes due 2028 (4)	4		4
5 1/4 percent Senior Notes due 2030	743		742
4 percent Senior Notes due 2030	742		742
3 7/8 percent Senior Notes due 2031	1,088		1,088
Finance leases	131		135
Total debt	9,082		9,682
Less short-term portion (5)	(585)		(704)
Total long-term debt	$	8,497	$	8,978

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(1)The table below presents financial information associated with our variable rate indebtedness as of and for the three months ended March 31, 2021. We have borrowed the full available amount under the term loan facility. The principal obligation under the term loan facility is required to be repaid in quarterly installments in an aggregate amount equal to 1.0 percent per annum, with the balance due at the maturity of the facility. The average amount of debt outstanding under the term loan facility decreases slightly each quarter due to the requirement to repay a portion of the principal obligation.

	ABL facility			Accounts receivable securitization facility			Term loan facility
Borrowing capacity, net of letters of credit	$	3,191		$	276		$	—
Letters of credit	60
Interest rate at March 31, 2021	1.3		%	1.4		%	1.9		%
Average month-end debt outstanding	624			603			977
Weighted-average interest rate on average debt outstanding	1.3		%	1.4		%	1.9		%
Maximum month-end debt outstanding	774			644			978

(2)Borrowings under the accounts receivable securitization facility are permitted only to the extent that the face amount of the receivables in the collateral pool, net of applicable reserves and other deductions, exceeds the outstanding loans. As of March 31, 2021, there were $787 of receivables, net of applicable reserves and other deductions, in the collateral pool.

(3)The decrease in the outstanding debt under the ABL facility since December 31, 2020 primarily reflects the use of proceeds from operations to reduce borrowings under the facility.

(4)URNA separately issued 4 7/8 percent Senior Notes in August 2017 and in September 2017. Following the issuances, URNA consummated an exchange offer pursuant to which most of the 4 7/8 percent Senior Notes issued in September 2017 were exchanged for additional notes fungible with the 4 7/8 percent Senior Notes issued in August 2017.

(5)As of March 31, 2021, our short-term debt primarily reflects $524 of borrowings under our accounts receivable securitization facility.